Oil falls as investors scoop up profits after U.S. inventory build | Reuters
Oil prices fell on Friday, after rising to seven-year highs this week, as investors took profits following a build-up in U.S. crude and fuel inventories, though overall sentiment remained solid due to concerns over tight supply and geopolitics.
Brent crude futures were down $1.00, or 1.1%, to $87.38 a barrel by 0747 GMT. The contract earlier fell by as much as 3%, the most since Dec. 20. A day earlier the global benchmark touched $89.50 a barrel, its highest since October 2014.
U.S. West Texas Intermediate (WTI) crude futures slid $1.16, or 1.4%, to $84.39 a barrel. The contract earlier fell as much as 3.2%, also the most since Dec. 20, after rising to its highest since October 2014 on Wednesday.
The recent rally in crude prices appeared to run out of steam on Thursday when Brent and WTI ended the trading session with slim losses, but both benchmarks have gained more than 10% this year and are headed for a fifth straight weekly gain.
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